2024 Tax Season Officially Underway
- The IRS began accepting and processing individual tax returns on January 29.
- This year’s filing deadline for individual returns is April 15, 2024.
- The IRS expects to receive more than 146 million individual tax returns for 2023 during the next two and a half months.
If you haven’t already, now is the time to get started gathering your tax documents!
Reports indicate that nearly a third of Americans wait until the last minute to file. In fact, traffic accidents increase significantly around April 15 as frantic drivers make a beeline for the post office. And, last minute filers are more likely to miss reporting items that should be included on their return which may lead to IRS notices and the need to file an amended return.
A good method to determine if you have all your tax documents is to compare forms received for 2023 versus 2022. And don’t forget to include any new items that you may have for 2023, like a W-2 from your new employer, a 1099-MISC for income earned from your new side hustle, or a 1099-R from a retirement distribution.
If you have a refund coming this year, you can check the status at https://www.irs.gov/wheres-my-refund. In an effort to provide improved service to taxpayers, the IRS has enhanced its “Where’s My Refund?” tool. Enhancements include more detailed status updates written in plain language and mobile device compatibility.
KT encourages our clients, and all taxpayers, to get their tax documents to their tax professional sooner than later!